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| Author | InfoLink |
| Updated | September 16, 2026 |
Lithium ore and lithium salt
Over the past week, prices for both spodumene concentrate and battery-grade lithium carbonate have declined significantly.
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Battery-grade lithium carbonate (spot)
Price range: RMB 128,000–132,000/MT
Average price: RMB 130,000/MT
Down 9.7% WoW
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Spodumene concentrate (SC6, CIF)
Price range: USD 1,800–1,900/MT
Average price: USD 1,850/MT
Down 13.1% WoW
The recent sharp price correction was driven by weaker macro sentiment, lower forward demand expectations, and an improving mine supply outlook. As Zimbabwean concentrate arrives and lithium ore inventories rise in China, expectations for higher spodumene-based lithium output have strengthened, narrowing the supply-disruption premium seen earlier. Meanwhile, adjustments to some cell production plans have also tempered expectations for sustained demand growth in Q4. However, spot lithium salt supply remains tight, and lower prices have spurred some downstream restocking. Market inventories continue to decline, while tight spot availability is also keeping the basis relatively firm. Accordingly, the recent decline mainly reflects the market pricing in an expected supply recovery and weaker forward demand, rather than a material deterioration in current spot supply and demand.
On the supply side, lithium carbonate has yet to loosen, but a Q4 supply recovery is becoming increasingly evident. In China, shutdowns for renewing permits at Jiangxi lepidolite mines continue to constrain near-term output, with no clear progress on Jianxiawo’s restart. Maintenance at some lithium salt facilities is also delaying supply growth. However, as non-Chinese concentrate shipments arrive, lithium ore inventories in China have recovered. Some spodumene-based lithium lines are gradually resuming production. Further growth in imported ore supply is expected to ease upstream tightness.
On the demand side, EV and ESS cell production remains high in September, with pre-holiday restocking supporting spot transactions. However, some cell makers are adjusting inventories, while lower forward production expectations point to slower demand growth. Inventories are still declining, but at a slower pace, indicating that spot supply-demand conditions have yet to weaken while the supply-demand gap is gradually narrowing. Overall, near-term restocking, tight spot supply, and inventory drawdowns will continue to limit further sharp price declines. However, higher ore imports, recovering lithium salt output, and softer demand expectations will likely increase supply pressure in Q4. Lithium carbonate prices are expected to remain range-bound in the near term, with some recovery possible after the sharp correction. However, a return to previous highs still lacks support.
Energy storage cells in China
Over the past week, transaction prices for China’s LFP energy storage cells have remained stable overall, with some formats edging lower. Prices are as follows:
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100 Ah: RMB 0.395–0.480/Wh, averaging RMB 0.438/Wh (down 0.6% WoW)
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280 Ah: RMB 0.340–0.390/Wh, averaging RMB 0.365/Wh (flat WoW)
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314 Ah: RMB 0.340–0.390/Wh, averaging RMB 0.365/Wh (flat WoW)
As lithium carbonate prices decline sharply, cell costs have regained some room to fall. However, cost declines have yet to fully pass through to transaction prices. Utility-scale storage deliveries remain stable, with mainstream 280 Ah and 314 Ah cell prices largely unchanged. By contrast, the premium on 100 Ah cells driven by residential storage and non-Chinese demand has gradually faded. Combined with ample supply, 100 Ah cell prices have been the first to edge lower.
Cell prices are expected to diverge by format. 314 Ah has become the mainstream format for utility-scale energy storage projects, while demand from existing projects continues to support 280 Ah cells. Stable project deliveries in China are supporting transaction prices for both formats. In contrast, 100 Ah cells face stronger competition in residential storage and ample supply, leaving room for further modest declines. If lithium carbonate prices remain centered at current low levels, lower raw material costs are expected to gradually pass through to new and forward orders. However, energy storage demand has yet to weaken materially, limiting the scope for sharp near-term declines in prices for mainstream large-capacity cells. Overall, cell prices are expected to remain low with only narrow fluctuations, while smaller-format cells face greater downward pressure.
Energy storage system (ESS) in China
For the past week, transaction prices for electrochemical ESS in China have remained stable overall, with prices as follows:
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2-hour DC-side liquid-cooled containerized ESS: RMB 0.45–0.53/Wh, averaging RMB 0.49/Wh (flat)
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1-hour AC-side liquid-cooled containerized ESS: RMB 0.81–0.87/Wh, averaging RMB 0.84/Wh (flat)
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2-hour AC-side liquid-cooled containerized ESS: RMB 0.52–0.63/Wh, averaging RMB 0.58/Wh (flat)
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4-hour AC-side liquid-cooled containerized ESS: RMB 0.50–0.55/Wh, averaging RMB 0.53/Wh (flat)
Lithium salt prices have declined notably, but widespread cell price cuts have yet to emerge, and cost changes are still passing through to system prices relatively slowly. Meanwhile, relatively rigid costs for power conversion systems (PCS), transformers, energy management systems (EMS), battery management systems (BMS), thermal management, fire protection, grid-connection testing, and warranties have kept system prices from declining materially. With prices already at low levels, integrators have limited room for further cuts. Competition is increasingly focused on equipment configuration, delivery scope, grid performance, and long-term execution capability.
Recent procurement activity also points to growing adoption of hybrid energy storage technologies. On September 9, the 100 MW/400 MWh Zhihong new-type standalone energy storage project in Renqiu, Hebei announced the bid-winning candidates for its ESS equipment procurement. The project combines 90 MW/360 MWh of LFP storage with 10 MW/40 MWh of sodium-ion storage, with the sodium-ion system procured as a standalone package within a 100 MW-scale project. On August 12, the 300 MW/1,200 MWh Deyu grid-side standalone energy storage project in Weichang, Hebei also launched equipment procurement, combining 297 MW/1,188 MWh of LFP storage with 3 MW/12 MWh of vanadium redox flow battery storage. Both projects use LFP as the primary technology while incorporating a smaller share of emerging technologies, indicating that sodium-ion and flow batteries are gradually moving from standalone demonstrations toward hybrid deployment alongside mature storage technologies. LFP will remain the mainstream technology for utility-scale storage in the near term. However, as hybrid projects increase, integrators must coordinate different battery chemistries across PCS/EMS control, BMS, thermal management, safety strategies, and grid performance, making multi-technology integration capabilities increasingly important.
In addition, the pace of ESS cell capacity expansion shifted in early September. On September 6, industry sources stated that authorities were reviewing existing and planned ESS capacity, with energy storage cells as a key focus. Approval and advancement of new projects still in the planning stage and not yet under construction have reportedly been paused, while projects already filed and under construction are not affected for now. On September 9, executives from several battery companies further confirmed to the media that approvals for new projects have tightened. The adjustment is not a suspension of all projects, and the approval pace will continue to be adjusted based on actual supply-demand conditions. For the industry, existing capacity remains ample in the near term, so tighter approvals are unlikely to create an immediate cell shortage or materially lift prices. However, slower additions of planned capacity could help ease mid- and long-term oversupply expectations and irrational low-price competition. Industry expansion is also expected to shift from capacity-driven growth toward competition in order acquisition, product performance, capacity utilization, and delivery capability, providing some mid- to long-term support for the energy storage cell price level.